This raises a thorny question: Is piracy preservation? When a film is not commercially available in any digital storefront (iTunes, Amazon Video, etc.) and no studio shows interest in restoring it, many argue that downloading a 480p rip is an act of cultural salvage—not theft.
To play a file with these specifications (x264 ESub), you should use a versatile media player that supports modern codecs and subtitle toggling: VLC Media Player: